I am the president and CEO of NorTech, an organization that strengthens Northeast Ohio's economic vitality by accelerating the pace of innovation for businesses and research institutions in the region's emerging industries. We use our industry expertise to foster a collaborative innovation environment that attracts capital, creates jobs and has a long-term, economic impact.
I previously worked as an investment banker on Wall Street, where I raised capital for energy and technology companies and advised them on mergers and acquisitions. My investment background collided with policy and economic development when I became the Deputy Secretary of Pennsylvania's Technology Investment Office. In this role I developed a strong passion for transforming economies through technology and innovation.
I frequently speak about innovation, manufacturing and leadership and serve on boards and advisory councils that address how U.S. businesses can collaborate, compete, grow and succeed.

Five Tech Trends That Can Drive Company Success

There’s lots of talk about “the Internet of Things.” But what exactly does it mean?

“It’s the marriage of minds and machines,” Marco Annunziata, chief economist at General Electric, said in a TED talk on the topic. “This is a transformation as powerful as the industrial revolution.”

Simply, the Internet of Things refers to a network of physical objects with embedded technology that is connected (either wired or wirelessly) for communication, remote control, data transfer or some other function. Sensors, radio-frequency identification (RFID) technology and microelectronics are critical components of the Internet of Things.

Connecting products, machines or entire factories to the Internet can increase efficiency and reduce the loss of information. This potentially has far-reaching implications and impact across many industries. Already, coffee shops, airports and major corporations like Rockwell Automation have embraced the Internet of Things. Cisco SystemsCisco Systems CEO John Chambers calls it the “fourth wave of the Internet.”

“We believe we’re at an inflection point, driven by the convergence of integrated control and information technologies, and accelerated by the arrival of the Internet of Things,” Rockwell Chairman and CEO Keith Nosbusch said. “We call this vision ‘The Connected Enterprise.’ It involves industrial operations that are more productive, more agile and more sustainable.”

Software: Transforming Traditional Industries

“Today’s manufacturing is really one of the most sophisticated industries in the world,” Siemens USA CEO Eric Spiegel said recently. “That’s mainly because software has really transformed the whole manufacturing process.”

But software is not only impacting the manufacturing industry. Tech and non-tech businesses large and small are in need of software solutions to respond to customer demands and process large amounts of data. It’s no surprise the demand for software engineers is higher than ever and many businesses can’t find enough people to fill open positions, according to Today’s Engineer.

Big Data: Understanding Your Customers

The ability to collect, process and interpret large and complex data sets, known as Big Data, is at the core of many business operations. It allows you to more effectively communicate with consumers, perform risk-analyses and create new revenue streams, among other things.

“The ability to evaluate and apply data has always been an integral part of an organization’s success. But the unprecedented amount of information available today demands far more sophisticated approaches to analysis and execution,” said former MicrosoftMicrosoft COO Bob Herbold, who recently donated $2.6 million to launch a data science program at Case Western Reserve University.

Big data increases the efficiency of shipping companies and retailers, for example, and makes manufacturers more efficient and responsive to clients’ needs.

Post Your Comment

Post Your Reply

Forbes writers have the ability to call out member comments they find particularly interesting. Called-out comments are highlighted across the Forbes network. You'll be notified if your comment is called out.